Ferrari CEO Addresses Backlash Over Luce EV Price, Denies Chinese Involvement

Ferrari Defends Price of Luce Electric Vehicle Amid Criticism

Ferrari chief executive Benedetto Vigna has defended the ₹5.4 crore price tag on the Luce, the Italian carmaker's first fully electric vehicle, saying the model has attracted strong interest from new ultra-wealthy customers despite an 8 per cent share price drop following its unveiling.

Speaking at a round table in Modena on Thursday, Vigna said the cost reflected the genuine innovation embodied in the car and sought to separate the Luce from other electric vehicles on the market. According to Vigna, the cost of the manufacturer's new Luce model was a fair price to pay for innovation.

The Luce, pronounced "loo-chey" and meaning "light" in Italian, is Ferrari's first five-seater car and only its second four-door model. It can accelerate from zero to 60 miles per hour in approximately 2.5 seconds and reaches a top speed of around 192 miles per hour, with an electric motor powering each wheel.

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The design was entrusted to LoveFrom, the agency founded by Jony Ive, the former chief design officer at Apple, in collaboration with designer Marc Newson. Ferrari said all components were developed and manufactured in-house at its Maranello facility.

The visual result departs sharply from Ferrari's traditional design language. The car rides on a battery skateboard platform that raises its roofline to within four centimetres of the company's SUV, the Purosangue, and 40 centimetres higher than its hybrid F80 sports car.

The backlash has come from prominent figures both inside and outside the automotive industry. Luca di Montezemolo, who led Ferrari for 23 years until 2014, gave some of the most pointed criticism. Italian Deputy Prime Minister and Transport Minister Matteo Salvini also weighed in on X, calling the Luce "outrageously expensive" and questioning its aesthetic appeal.

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Vigna has acknowledged that the Ferrari EV car was designed to be polarising and to attract buyers beyond Ferrari's traditional customer base, while remaining firmly within the ultra-wealthy segment. He told CNBC earlier in the week that the Luce represented "a very, very important day" for the company and the opening of "a new chapter."

Auto analysts have broadly downplayed the investor reaction, describing it as too early to draw firm conclusions from. Ferrari has indicated the Luce is partly aimed at its growing Chinese customer base, which represents the world's largest market for electric vehicles.

Rhodri Darch, co-chief executive of Everrati, a British company that produces electric conversions of classic cars for high-net-worth buyers, said he believed Ferrari would find a ready audience. "Ferrari is a brand that has a broader appeal than just sports cars," Darch said. "100% it will not be for everybody. And that's OK."

Ferrari's share price fell 8 per cent on Tuesday following the unveiling, closed down 0.1 per cent on Wednesday and was trading up 1.3 per cent on Thursday.